Otu Secures $3.5bn Afreximbank Funding for Bakassi Deep Seaport

Bassey Inyang in Calabar

Cross River State Government has secured a $3.5 billion funding from the African Export-importbank (Afreximbank) for some of its key infrastructure projects in the State.

The State Governor, Senator Bassey Otu, who was in Egypt, last week, for a workshop, also visited the Afreximbank in Cairo, to explore partnership in key infrastructure projects to be undertaken in the state.

The workshops held during the visit culminated in the signing of a project preparation facility for the development of a deep seaport estimated to cost $3.5 billion.

Afreximbank is a Pan-African multilateral financial institution with the mandate of financing and promoting intra-and extra-African trade.

In securing the funding at a workshop attended by the governor as well as some of the key members of his government, at the bank’s headquarters in Cairo, Egypt, Otu noted that, “This is a world-class partnership that will result in positioning Cross River State economically.”

Otu, who expressed excitement about the collaboration with Afreximbank,  emphasised the importance of the projects in driving economic growth and development in the state, highlighting the potential for attracting foreign investment and stimulating economic growth.

At the visit to Afreximbank, Otu also had extensive Government-to-Business (G2B) meetings with tier 1 companies including Orascom Construction, Elsewedy Electric, and Hassan Allam Holdings.

One of the highlights of Otu’s engagement in Cairo was the signing of Project Preparation Facility Agreement and Financial Advisory Agreement with Afreximbank for two major projects in Cross River – the Bakassi Deep Seaport and 217km Superhighway integrated Project, as well as the Obudu Cattle Ranch and Mountain Resort project.

Otu, who underlined the positive impact the projects would have on the state’s economy, also disclosed that, “while the Bakassi Deep Seaport and Superhighway projects are expected to boost trade and commerce, the Obudu Cattle Ranch and Mountain Resort project will promote tourism and create job opportunities for the people of Cross River State.”

He also hinted that, “following the signing of the agreement, Afreximbank will now serve as the Mandated Lead Arranger for these projects, marking a significant partnership for the state.”

At the signing of the agreement were top executives of Afreximbank, including the President and Chairman of the Board, Prof. Benedict Oramah; Executive Vice Presidents, Senior Directors, and Heads of Strategic Business Units were present at the signing ceremony in Cairo, Egypt.

They expressed their commitment to supporting the development of Cross River State through these projects, praising Governor Otu for his vision and leadership.

The signing of these agreements, according to Oramah, “marks a significant milestone in the partnership between Cross River State and Afreximbank,” stressing that, “It is expected to pave the way for further collaboration and investment opportunities in Cross River, driving economic growth and development.

“The agreements signed with Afreximbank and the tier 1 companies represent a major step forward in positioning Cross River State as a key player in the global economy, creating opportunities for growth and development in the region.”

Otu, thanked Afreximbank and the tier 1 companies for their support and partnership, reiterating his commitment to driving economic growth and development in Cross River State through strategic partnerships and investments.

He noted that, “the signing of these agreements marks a significant milestone in the partnership between Cross River State and Afreximbank.

“It is expected to pave the way for further collaboration and investment opportunities in the state, driving economic growth and development.”